On 3rd October 2008 the $2000 cap on federal tax credits for residential solar power was removed. It was attached to the $700,000,000,000 bailout and is now law. This means that Uncle Sam will now make a much bigger contribution towards your system. In our opinion it is now likely that LIPA will reduce the rebates. So ACT FAST and get the higher rebates AND the higher tax credit! This takes account of these changes but not financing costs.
| Install type | |
| LIPA rebate | Currently $3.50/w (residential) |
| System size | |
| Price per watt | |
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BREAKING NEWS President signed into law RE ITC extension. |
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| Cost | |
| Rebate | |
| Cost after rebate | |
| NY State tax credit | |
| Federal tax credit | |
| Income tax (assumed 28%) on NY State tax credit | |
| Cost out of your pocket |
$
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| Orientation description | |
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Simple payback, this is approximate (assumes $0.20 per KWh inc. taxes) |